OpenAI is getting serious about going public. According to converging reports from Bloomberg, CNBC, and Axios, the company is working with Goldman Sachs and Morgan Stanley on a confidential S-1 filing with the SEC — possibly as soon as this week.
The Timeline
A confidential filing is the first formal step toward going public. The public S-1 typically follows a couple of months later, before the actual IPO takes place. OpenAI is targeting a September 2026 listing at a valuation above one trillion dollars.
That would make it one of the biggest tech IPOs in years. And it comes at a time when two AI heavyweights are racing to the public markets simultaneously — SpaceX already filed its S-1 on May 20 and is planning a June listing.
The Numbers
OpenAI closed its $122 billion funding round in March at a post-money valuation of $852 billion. Monthly revenue reportedly sits above $2 billion in run rate, driven primarily by enterprise adoption.
For context: Anthropic, the direct competitor, is projecting $10.9 billion in Q2 revenue. The two companies are in a head-to-head race — on the valuation front as well.
What This Means
An IPO fundamentally changes OpenAI. Until now, the company could operate with relative opacity. Going public brings quarterly reporting obligations, shareholder expectations, and public scrutiny.
For the AI industry as a whole, it’s a sign of maturity. If both OpenAI and SpaceX go public in 2026, enormous capital flows into the sector — but it also raises new questions about profitability and the sustainability of business models.
The most interesting question: what’s in the S-1? The financial details that must be disclosed in a public filing will paint the first clear picture of OpenAI’s actual economic situation.